(Financial application: compute tax) Rewrite Listing 4.7,...

(Financial application: compute tax) Rewrite Listing $4.7,$ ComputeTax.py, using lists. For each filing status, there are six tax rates. Each rate is applied to a certain amount of taxable income. For example, from the taxable income of $\$ 400,000$ for a single filer, $\$ 8,350$ is taxed at $10 \%,(33,950-8,350)$ at $15 \%,(82,250-33,950)$ at $25 \%,(171,550-82,250)$ at $28 \%,(372,950-171,550)$ at $33 \%,$ and $(400,000-$ 372,950 ) at $35 \% .$ The six rates are the same for all filing statuses, which can be represented in the following list: $$\text { rates }=[0.10,0.15,0.25,0.28,0.33,0.35]$$ The brackets for each rate for all the filing statuses can be represented in a twodimensional list as follows:

(Financial application: compute tax) Rewrite Listing $4.7,$ ComputeTax.py, using lists. For each filing status, there are six tax rates. Each rate is applied to a certain amount of taxable income. For example, from the taxable income of $\$ 400,000$ for a single filer, $\$ 8,350$ is taxed at $10 \%,(33,950-8,350)$ at $15 \%,(82,250-33,950)$ at $25 \%,(171,550-82,250)$ at $28 \%,(372,950-171,550)$ at $33 \%,$ and $(400,000-$
372,950 ) at $35 \% .$ The six rates are the same for all filing statuses, which can be represented in the following list:
$$\text { rates }=[0.10,0.15,0.25,0.28,0.33,0.35]$$
The brackets for each rate for all the filing statuses can be represented in a twodimensional list as follows:

Key Concepts

Python Lists

Python lists are ordered collections of items that can hold elements of any type. They are dynamic in size, allowing for easy addition, removal, and modification of items. In programming, lists are used to store sequences of values, and they support operations like indexing, slicing, and iteration, which makes them useful for handling collections of data.

Two-Dimensional Lists

Two-dimensional lists are essentially lists of lists, where each element of the main list is itself a list. This structure is useful for representing tabular data or matrices, such as sets of data associated with different categories. In the context of the tax computation problem, two-dimensional lists can effectively store tax brackets for multiple filing statuses, allowing for organized and structured access to each bracket’s thresholds and associated rates.

Progressive Tax Brackets

Progressive tax brackets refer to a tax system where different portions of an individual’s income are taxed at different rates. Instead of taxing the entire income at a single rate, income is divided into segments where each segment is taxed at a dedicated rate. This system is typically used to ensure that taxpayers with higher incomes pay a higher percentage of tax on income beyond certain thresholds, making the tax system more equitable.

Transcript

0:00 Hello.

00:01 For this problem, you are asked to revise listing 4 .7 to use lists to compute the taxes for the various different filing statuses and incomes.

00:19 So i've gone ahead and copied down listing 4 .7, but we're going to be doing quite a bit of revision to it, so i'm not going to spend much time on that.

00:30 First thing that i did was to do what the problem said and start with a list that is the tax rates and a 2d list that is the tax brackets.

00:48 That will indicate single filer, married filing jointly, married filing separately, and head of household.

00:56 The next thing is the same.

00:57 We're going to set the status as being equal to the evaluation here of this input to the user.

01:06 So this is the same as before.

01:09 And the same as before, we want to also prompt the user to enter their taxable income.

01:18 Now we want to compute the tax.

01:21 So tax, we're going to initialize at zero just to make sure it's starting at zero.

01:30 That's the same.

01:31 But now this looks a lot different.

01:35 Instead of having all of the numbers written out, we can use our lists.

01:42 So instead of doing each status individually, this allows us to do all of the statuses at once and have one expression for all of the different statuses instead of having to rewrite this out every single time for every single status...

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